Infinite Uptime Secures $35M to Scale AI-Driven Industrial IoT Solutions
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Raunak Bhinge, Infinite Uptime Managing Director
Infinite Uptime, a provider of predictive maintenance solutions for industrial machinery, has secured $35 million in its Series C round, led by Avataar Ventures with participation from StepStone Group and LGVP, along with existing investors Tiger Global and GSR Ventures.
The Pune- and California-based startup has raised around $65 million to date, including an $18.85 million Series B3 round in May 2023.
The fresh funds will drive Infinite Uptime's growth, facilitating the advancement of its IoT platform, broadening its presence in the manufacturing sector, and expanding its footprint in the U.S. and other international markets.
Founded in 2015 by Raunak Bhinge, Infinite Uptime leverages advanced AI and machine learning to remotely diagnose and predict machinery issues, aiming to improve operational efficiency and reduce downtime.
The startup currently serves 800 plants in nearly 30 countries and focuses on manufacturing industries, including cement, steel, metals & mining, FMCG, chemicals, oil & gas, power, pharma, tires, automotive, construction, pipes, and others.
For the fiscal year ending in March 2024, Infinite Uptime's revenue surged more than two-fold to Rs 54.74 crore in FY24 from Rs 24.71 crore in FY23. The company managed to control its losses to Rs 8.4 crore in FY24 from Rs 13.5 crore in the previous year.
Infinite Uptime competes with UptimeAI, which raised $14 million in a Series A round in July last year. Other global competitors include Sight Machine, Prospection, SparkCognition, and Augury.
Source: Entrackr
Infinite Uptime
Infinite Uptime is an Industrial AI pioneer, offering 99.99% guaranteed equipment reliability and up to 2% energy reduction per unit of production to help global industrials unlock up to $2 Trillion in value.
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